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7 lessons from one of the richest men in the world.
-Rivals hated him.
-The press demonized him.
-His customers LOVED him.
And?
He amassed a 200 Billion Dollar fortune.
You think I'm talking about Jeff Bezos?
No,
This man died in 1877.
Who was he?
//THREAD//
He was Cornelius Vanderbilt.
In 1810 he borrowed $100 from his mom to start a ferry business.
And built it into a shipping and railroad empire worth 200 Billion in today's dollars.
In 1810 he borrowed $100 from his mom to start a ferry business.
And built it into a shipping and railroad empire worth 200 Billion in today's dollars.
He was
-Ruthless
-Cunning
-Didn't drink
-He was thrifty to extremes.
-He never amassed debt.
-He beat younger men in fistfights when he was 50.
What can you learn from him?
7 Lessons.
-Ruthless
-Cunning
-Didn't drink
-He was thrifty to extremes.
-He never amassed debt.
-He beat younger men in fistfights when he was 50.
What can you learn from him?
7 Lessons.
Lesson 1: You don't have to rewrite history to be successful.
Cornelius started with a ferry service.
Jeff Bezos started with books.
Sam Walton started with Hulu-hoops.
You don't have to colonize Mars.
Cornelius started with a ferry service.
Jeff Bezos started with books.
Sam Walton started with Hulu-hoops.
You don't have to colonize Mars.
Lesson 2: Don't fear competition, destroy it.
Cornelius was a ruthless competitor.
His rivals once PAID him $56,000 dollars a month to abandon his transport business. ($1.7 million in today's dollars, for doing nothing)
You will never win by avoiding the fight.
Cornelius was a ruthless competitor.
His rivals once PAID him $56,000 dollars a month to abandon his transport business. ($1.7 million in today's dollars, for doing nothing)
You will never win by avoiding the fight.
Lesson 3: Take people on a journey.
The ferry boat business is a great metaphor for online business.
Take people from where they are, to where they want to be, faster and better than the other guy?
And you WILL make money.
Guaranteed.
The ferry boat business is a great metaphor for online business.
Take people from where they are, to where they want to be, faster and better than the other guy?
And you WILL make money.
Guaranteed.
Lesson 4: Delight your customer and win their loyalty.
Cornelius slashed fares from 8 dollars to 1 dollar and served food and drink on board his ships.
His competitors hated him, but his customers loved him.
How can you do this today?
Cornelius slashed fares from 8 dollars to 1 dollar and served food and drink on board his ships.
His competitors hated him, but his customers loved him.
How can you do this today?
Lesson 5: You don't have to stick to the same business forever.
Vanderbilt started in steamboats but quickly adapted to changing times, using his connections getting into railroads very early on.
Just start.
-Make connections,
-Amass resources
-Adapt as you go.
Vanderbilt started in steamboats but quickly adapted to changing times, using his connections getting into railroads very early on.
Just start.
-Make connections,
-Amass resources
-Adapt as you go.
Lesson 6: Be frugal
With no debt and flush with cash, Cornelius took advantage of hard times to buy even more assets.
Long before Warren buffet said 'Be greedy when others are fearful" Cornelius was living it.
Me?
I run my entire business with free tools.
You can too.
With no debt and flush with cash, Cornelius took advantage of hard times to buy even more assets.
Long before Warren buffet said 'Be greedy when others are fearful" Cornelius was living it.
Me?
I run my entire business with free tools.
You can too.
Lesson 7: Plan for the future.
Sadly,
Cornelius never taught his children how to manage wealth, and did a terrible job of setting up his inheritance - his heirs squandered it all.
Today? None remains.
You won't make the same mistake though.
Sadly,
Cornelius never taught his children how to manage wealth, and did a terrible job of setting up his inheritance - his heirs squandered it all.
Today? None remains.
You won't make the same mistake though.
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If you liked this thread, you will LOVE my next one.
In fact, you might want to give me a follow so you don't miss it.
Already following? Retweets are never forgotten.
